CRA 10/24/2016 Minutes - Laserfiche WebLink

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Community Redevelopment Agency October 24, 2016 Page 2 of 3 Fourth Item of Business: Resolution 16-01: Update to the Casselberry Community Redevelopment Agency Communitv Redevelopment Plan. Mr. Randy Woodruff, Interim Community Development Director, said that Resolution 16-01 represents an update to the City of Casselberry CRA Plan subject to an approval of an eight-year extension by the Seminole County Board of County Commissioners. He said the City's CRA was created in 1995 and it was to address the blight within the associated area. He said at that time the City adopted a 15 -year term and a plan which was to extend the CRA term to 2010. Mr. Woodruff said in 2002 the City Commission extended the CRA from 15 years to 20 years. He said in 2014 the City Commission requested a ten-year extension which would have expired in 2025; however, Seminole County Commissioners granted a two-year extension which will sunset the CRA in 2017. Mr. Woodruff said at the September 2016, CRA meeting the Board outlined specific future goals that the Board would like to see as part of the CRA Plan. He said in response to that meeting, staff is providing an update to the CRA Plan for the Board's review and approval. He said the updated CRA plan includes land acquisition of property to expand Lake Concord Park, acquisition of key commercial properties to assemble and redevelop at a later date, and the potential to construct a parking lot. He said the Community Redevelopment District (CRD) boundaries have not changed. Mr. Woodruff explained that the revised CRA Plan was reviewed by the Planning and Zoning Commission on October 12, 2016 and the Commission found the Plan to be in compliance with the City's Comprehensive Plan, Mr. Randy Newlon, City Manager, said the CRA was formed to clear blight and create new economic development as measured in value growth to the City's property values. He said that the CRA peaked in 2008 when the Tax Increment value was $111 million but since that time, the values have plummeted about 70%. He said currently the tax values are hovering at $50,000 million. Mr. Newlon said for the CRA to reach its potential and meet all the needs it can, it is necessary to extend the CRA's term to its full possible life of 30 years. He said that Altamonte Springs and Sanford have extended their CRA terms. He said this opportunity would give the CRA a chance to invest in some hard assets that will create lasting value for our community as well as enhance the catalytic affect that Lake Concord Park has had in attracting new commercial development in the CRD.